Calculate the following:
(a) Determine the cash receipts for May based on the following data:
Cash payments during May..........................$42,500
Cash account balance, May 1...........................3,750
Cash account balance, May 31.........................6,000
(b) Determine the cash received from customers on account during May based on the following data:
Accounts receivable account balance, May 1...................$11,500
Accounts receivable account balance, May 31.....................8,250
Fees billed to customers during May..................................28,000